How to Improve Eligibility for Potential LayerZero Airdrop
To improve your eligibility for the potential LayerZero airdrop, you can use LayerZero powered bridges, DEXes, and lending protocols, while staying updated through the protocol’s Discord.
Key Takeaways:
LayerZero is an omnichain interoperability protocol that allows cross-chain messages to be passed through their novel Relayer and Oracle architecture.
The LayerZero ecosystem is rapidly expanding, with protocols like Radiant Capital, Stargate, Hashflow, and many more using LayerZero technology.
The bigger the ecosystem, the higher the chances of a LayerZero ZRO token launch.
What is LayerZero?
The advancement of the blockchain landscape has led to multiple blockchains being built. In addition to the market leader Ethereum, several other chains including Avalanche, Solana, Polygon, Binance Smart Chain, etc. have been attracting market volume with their respective development efforts.
This phenomenon however, has led to liquidity fragmentation, with the activities on each chain being siloed within their own ecosystem. This compromises the user experience (UX) as they are stuck on certain chains, facing difficulties to access applications available on other chains.
LayerZero steps in to provide a solution to the above problems. It is an interoperable solution that is built to connect the different blockchains. With its Relayer and Oracle model, LayerZero is able to accurately validate the cross chain transactions that are taking place.
The traction garnered by LayerZero so far has been good, with investors including a16z, Sequoia, Tiger Global, Coinbase Ventures and more. The team was able to raise $120 million at a $3 billion valuation, which helped to attract much attention and partnerships. Currently, they have also scored partnerships with prominent protocols, such as Uniswap, TraderJoe, Radiant Capital and more.
Similar to most decentralized protocols, there is a potential for a LayerZero token airdrop to be distributed sometime in the future. In this article, we will explore the steps you can take in order to receive this airdrop.
LayerZero Token: ZRO
LayerZero’s code on Github has mentions of the ZRO token, indicating that the token is likely to be launched sometime in the future.
Source: LayerZero’s Github
The team has yet to release an official announcement of any ZRO airdrops. Nonetheless, there is a suite of protocols we can interact with to increase our chances of receiving a ZRO airdrop. Looking back at previous airdrops such as Optimism, Arbitrum and Aptos, it is likely that a high level of interaction with protocols built on LayerZero can increase your chances of qualifying for an airdrop. So let’s get started!
1. Join Discord
Start off by heading to ‘https://discord-layerzero.netlify.app/discord’ and clicking on ‘I’m not a robot’.
Afterwards, click on ‘</a> Join’.
If the above screen with the ‘</a> Join’ button does not load, you can refresh the page and start again by clicking on ‘I’m not a robot’.
Click on ‘Accept Invite’ to enter the Discord channel. Remember to verify your account and interact in the ‘general’ / ‘gm’ channels.
Being an active community member is often a criteria to qualify for airdrops. The activity level can be monitored through Discord with several methods;the most common one would be the amount of interaction a user has with other community members, measured directly through the number of messages sent in the group. Another method would be for the Discord community moderators to identify some of the accounts that have been actively contributing by answering questions and helping newer community members onboard.
This encourages users to participate actively in the community, helping to build up a robust community, which is often a very important factor for the success of the protocol, as the protocols’ usage will be highly dependent on their community.
2. Use Stargate
Stargate is the first and core decentralized application (dApp) developed by LayerZero that allows assets to be bridged across different chains using LayerZero technology. It is currently also the largest dApp in terms of total value locked at over $400 million dollars.
Bridge Assets with Stargate Transfer at https://stargate.finance/transfer
Under ‘From’: Choose the token that is in your wallet and the network for that token.
Under ‘To’: Select the token that you want to swap into and the network you wish to bridge over to.
Under ‘Total Amount’: Key in the amount of assets you would like to bridge over.
Once the above details have been keyed in, click on ‘Transfer’.
Make sure you have enough ETH in your wallet to use as gas. If the gas is too high, you can consider bridging over at a later time.
Provide Liquidity with Stargate Pool at https://stargate.finance/pool
Once you have connected your wallet, the platform will show you the available pools for you to deposit liquidity based on the assets in your wallet. Other than that, you can click on the ‘Top Pools’ to discover high yielding pools.
Click on one particular available pool and you will see the interface below. Simply enter the amount of tokens you would like to provide liquidity with and click on ‘Add’.
To remove liquidity, simply go to ‘Your Pools’, click on the particular pool and toggle to ‘Remove’.
Once you have deposited into a pool, you will receive an LP token. It is recommended to also stake this LP token into the farm to earn additional rewards.
You are done! It is recommended to do this on multiple supported networks such as Ethereum, Arbitrum, and more.
3. Use LiquidSwap by Pontem Network
LiquidSwap allows users to bridge assets across Aptos to other networks by using LayerZero technology.
Connect the wallets for both networks. In this case, MetaMask is connected for the Ethereum network and Martian Wallet is connected for the Aptos network.
Select the token to be bridged over
Select the token you wish to receive
Select the network you wish to bridge over to
Enter the amount of token to be bridged
Click on ‘Transfer’
4. Use Aptos Bridge by LayerZero
Aptos Bridge allows users to bridge assets across Aptos to other networks by using LayerZero technology.
Connect the wallets for both networks. In this case, MetaMask is connected for the Ethereum network and Martian Wallet is connected for the Aptos network.
Select the token to be bridged over
Select the token you wish to receive
Select the network you wish to bridge over to
Enter the amount of token to be bridged
Click on ‘Transfer’
5. Use Radiant Capital
Radiant Capital is an omnichain lending protocol and is available on both Arbitrum and BSC as it is built on LayerZero.
Connect wallet and remember to switch to the correct network
Scroll down to find the available assets that a user can borrow or lend
To deposit, click on the ‘Deposit’ tab and enter the amount. Click on the ‘Deposit’ button. Users will earn the ‘Deposit APY’ by supplying the asset into Radiant Capital
To borrow, click on the ‘Borrow’ tab and enter the amount. Click on the ‘Borrow’ button. Users will have to pay the ‘Borrow APY’ for borrowing the assets.
6. Use Hashflow
Hashflow is a cross-chain DEX that uses LayerZero. It has no slippage or MEV-front running, and is backed by prominent players.
Go to Hashflow exchange at https://app.hashflow.com/
Click on ‘Connect wallet’
Select the token to be bridged over
Select the token you wish to receive
Select the network you wish to bridge over to
Enter the amount of token to be bridged
Click on ‘Trade’
7. Use Tapioca
Tapioca is an omnichain money market that allows users to borrow, leverage, and lend across multiple chains, with their own omnichain dollar called USDO which is powered by LayerZero.
Go to Tapioca Teleport at https://beta.tapioca.xyz/teleport
Click on ‘Connect wallet’
Select the token that you wish to bring cross-chain. Remember to choose the particular network the token is on
Select the destination chain
Click on 'Teleport’
Tips
It would be prudent to interact with protocols built on LayerZero or are using LayerZero frequently instead of just a single time. This is because protocols tend to airdrop tokens to users who use the products frequently, which is seen as a real interest from the users.
Hence, you can choose to switch up between the different tasks available, and perform them biweekly.
Be Aware of Fake Airdrops
Recently, a phishing attack promising a fake LayerZero airdrop has drained multiple crypto wallets. Once users connect their wallets to the fake LayerZero siteto claim their aidrop, the site drained their wallets of all crypto holdings. Avoid clicking links shared on social media and clicking "Sponsored" links, and triple check website addresses before connecting your wallet.
— CertiK Alert (@CertiKAlert) July 16, 2023Beware of a fake Layer Zero airdrop being promoted on Twitter
Do not interact with hxxps://project-layerzero.com/
Site connects to a known wallet drainerhttps://t.co/Wt8Ast1GvS
Stay safe!
Conclusion
LayerZero is at the forefront of changing interoperability with its unique message passing mechanism, and the team was able to raise $120 million at a $3 billion valuation.
From the protocol examples given above, it has become apparent that the cross chain use cases are no longer limited to just bridging of assets. It has since expanded to allow for more extensive use cases, including cross chain borrowing and lending, cross chain swaps, and more.
To increase the chances of qualifying for the potential airdrop, one should consider interacting with the protocols mentioned above on a frequent basis, as well as try to hit large round numbers in value transacted, such as $1k, $10k, $100k, etc.
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CJ
CJ is a business graduate that has been involved in crypto for 4 years and specializes in DeFi protocols. He is also interested in TradFi becoming DeFi, and has written for ByBit, SwitcheoLabs, and others.Follow the author on Twitter @fishmarketacad
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